NexGen announces assays confirm multiple high-grade zones of uranium mineralization at Arrow, Rook 1
June 2, 2014
- Assays confirm all 8 holes at Arrow contain uranium mineralization
- Multiple parallel steeply dipping high grade uranium mineralization zones within broader mineralized zones
- Continuity of uranium mineralization between holes on each cross section
- RK-14-30 intersected 30 individual zones of uranium mineralization totaling 124.1 meters at 0.68% U3O8weighted average
- RK-14-27 maximum continuous intersection of 29 meters at 1.04% U3O8
Vancouver, BC, June 02, 2014 -- NexGen Energy Ltd. (TSX-V: NXE) ("NexGen" or the "Company") is pleased to announce it has received its final assay results from the winter drilling program at Rook 1, and from the Arrow prospect.
The assay results (highlight zones shown on Figs 1 and 2) confirm the excellent hand-held scintillometer radiometric and down hole gamma probing results at Arrow during the winter 2014 program (Fig 3, Table 1), and extend the actual zones of uranium mineralization. All eight holes contained composite assay intervals exceeding the baseline parameters, these being a cutoff grade of 0.01 wt% U3O8, a maximum 2 m internal waste dilution, and a minimum 0.25 m thickness. Higher grade zones were calculated using cutoffs of 1.00 wt% U3O8 and 5.00 wt% U3O8. The composite assays are shown on Table 2.
Andrew Browne, NexGen's Vice-President, Exploration and Development, commented "The actual uranium assays at Arrow are outstanding in terms of the location of uranium, the high grade, thickness, and continuity between holes on sections. Based on these initial assay results and our current geological interpretation of Arrow's distinctive characteristics, we are very confident with respect to the potential of Arrow to host substantial bulk tonnage basement mineralization."
Leigh Curyer, CEO commented, "The Arrow assay results have far exceeded a realistic expectation of where the program was anticipated to be in such a short space of time. Arrow is shaping up to be a special uranium deposit in its own right. The core NexGen technical team of Andrew Browne, James Sykes and Matthew Schwab are constantly raising the industry standard in their approach, technical ability and commitment to uranium discovery in the region. I would like to also take the opportunity to acknowledge our consultants contribution to Arrow in Allan McNutt, J Allan McNutt Consulting Inc, and Rod Koch, Koch Geophysical Consultants. Well done to all."
At Arrow, the host lithologies comprise very steeply-dipping very competent medium/coarse-grained high-metamorphic grade quartz-garnet-feldspar-biotite/chlorite gneiss with minor graphitic intervals. Uranium mineralization is localized within fractured, sheared, brecciated, and nested veined structurally-disturbed zones, also steeply dipping but cross-cutting the host rock foliation (Figs 1 and 2). Mineralization is accompanied by minor associated alteration, primarily being hematization, of generally low intensity except immediately adjacent to the uranium veins.
Very minor intervals of elevated copper (Cu) and lead (Pb) are located with some high-grade uranium zones, but potentially deleterious elements such as arsenic (As), selenium (Se), cadmium (Cd) and mercury (Hg) generally constitute only background levels. Arrow is essentially a monomineralic uranium deposit without noticeable deleterious metals or waste.
All samples were analysed at the Saskatchewan Research Council Geoanalytical Laboratories (SRC) by ICP-OES/MS for a suite of 99 elements including U3O8. The latter was analysed by partial digestion techniques. Duplicate samples were also submitted to SRC by NexGen, and information from those sample results have validated NexGen's QA/QC procedures. Selected check samples have been taken from all mineralized holes for analysis by Neutron Activation Analysis (NAA) and/or by Direct Neutron Counting (DNC) for U, and will be submitted shortly.
Figure 3: Arrow, drill hole locations (gravity background)
Table 1: Winter 2014 Drill holes, Arrow prospect, Rook 1
** All UTM coordinates are in NAD 83, Zone 12
** All depths are in metres
Table 2: Composite assay results, Arrow prospect *
* Composite parameters:
- Minimum thickness 0.25m downhole
- Cutoff grade 0.01% U3O8 (weight %)
- Maximum internal dilution 2.00 m downhole
- U3O8 analyzed by ICP-OES at SRC laboratories, Saskatoon
- All depths and intervals are metres downhole
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of exploration professionals with a track record in the discovery of unconformity-style uranium deposits in Canada.
NexGen owns a portfolio of highly prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook 1, location of the Arrow Discovery, immediately adjacent to the north east of Patterson Lake South, and an option to earn a 70% interest in the Radio Project, immediately adjacent to Rio Tinto's Roughrider Deposit.
Chief Executive Officer
NexGen Energy Ltd.
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This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Generally, but not always, forward looking information is identifiable by the use of words such as "will" and planned" and similar expressions. Forward-looking information is based on the then current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates. Such information is not a guarantee of future performance and undue reliance should not be placed on forward-looking information. Assumptions and factors underlying the Company's expectations regarding forward-looking information contained herein include, among others: that general business and economic conditions will not change in a material adverse manner; that financing will be available if and when needed on reasonable terms; that the Company's current exploration activities can be achieved and that its other corporate activities will proceed as expected; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner.
Although the assumptions made by the Company in providing forward looking information are considered reasonable by management at the time the forward-looking information is given, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information, including, among others: risks related to the availability of financing on commercially reasonable terms and the expected use of the proceeds; changes in the market; potential downturns in economic conditions; industry conditions; actual results of exploration activities being different than anticipated; changes in exploration programs based upon results of exploration; future prices of metal; availability of third party contractors; availability of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks; changes in laws and regulations; community relations; and delays in obtaining governmental or other approvals or financing. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. NexGen undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.